SPC.V · 2026-01-26 12:00:00

SPC Nickel Identifies Large-Scale Geophysical Targets at the Muskox Copper-Nickel-PGM Project, Nunavut

Exploration Programs

SPC Nickel Identifies Large-Scale Geophysical

Targets at the Muskox Copper-Nickel-PGM

Project, Nunavut

SUDBURY, ON

Jan. 26, 2026

/CNW/ -

SPC Nickel Corp.

(TSXV: SPC)

("SPC Nickel" or the

"Company")

, is pleased to report results from its 1,109 line-km MobileMT electromagnetic

geophysical ("MobileMT" or "MMT") survey at the Company's 100%-owned, 496 km

Muskox Cu-Ni-

PGM Project ("Muskox" or the "Project") in the Kitikmeot Region of

Nunavut

The MobileMT survey, the first of its kind at Muskox, has successfully outlined multiple large-scale,

high-priority conductive target areas across the Muskox Project, significantly enhancing the

Company's understanding of the subsurface architecture of the Muskox Intrusion and highlighting

compelling targets for future ground-based exploration and ultimately drill testing.

Survey Highlights

Identification of a large, shallow, north-plunging stratiform conductive horizon with a strike length

exceeding 27 kilometres, interpreted to represent serpentinized ultramafic rocks occupying the

central core of the Muskox Intrusion (Figure 1).

Delineation of several discrete high-conductivity (low-resistivity) anomalies, ranging from

approximately 1 km² to 5 km² in surface area, that extend to depths beneath the interpreted

limits of the serpentinized ultramafics. These anomalies are considered prospective for sulphide

mineralization and remain open at depth and untested by drilling (Figure 2).

Many of the high-conductivity anomalies are spatially associated with the basal contact of

the Muskox Intrusion and the underlying Feeder Dyke, geological environments known to host

high-grade Cu-Ni-PGM mineralization elsewhere within the system.

A number of priority conductive anomalies are coincident with major regional structures,

including the Canoe Lake, Sinister, and Valley Faults, which may have acted as structural

conduits and traps for sulphide mineralization.

Grant Mourre

, President and CEO of SPC Nickel commented,

"The results from our MobileMT

survey represent a significant step-change for Muskox. For the first time in more than two

decades, we now have modern, property-wide geophysics that provides a much clearer view of the

system at depth and helps us separate broad geology from the discrete conductors that matter

most. The survey has outlined a major, district-scale conductive horizon and multiple kilometre-

scale, high-conductivity anomalies that remain open and untested, with several sitting along the

basal contact and near the intersection of the main intrusion and the Feeder Dyke - proven

environments that are consistent with Cu-Ni-PGM mineralization identified elsewhere at Muskox.

This dataset enables us to sharpen our targeting and move into 2026 with a focused, data-driven

program aimed at testing the strongest conductors and advancing the next phase of discovery

across the Project."

Survey Results

Analysis of the MobileMT data has outlined multiple exploration targets, characterized by strong,

deep conductive anomalies coincident with interpreted structural features, suggesting a potential for

sulphide mineralization associated with basal contact of the Muskox Intrusion and the underlying

Feeder Dyke. The Company now has a robust dataset of new airborne surveys, including MobileMT,

HELITEM, VLF as well as magnetic datasets, providing a comprehensive understanding of both

shallow and deep portions of the Muskox Intrusion and related Feeder Dyke. This multi-layered

geophysical framework enhances the ability to vector toward high-priority Cu-Ni-PGM targets with

increased confidence. The Company is actively integrating these results with historical data to refine

and prioritize future exploration and potential drill targets.

MobileMT Survey

SPC Nickel contracted Expert Geophysics Limited to perform large-scale geophysical surveys with

the objective of providing comprehensive coverage of the highly prospective Muskox Intrusion.

Particular focus was given to determining the overall three-dimensional shape and morphology of the

Muskox Intrusion and for identifying both large conductive regions and regional structure associated

with the basal contact of the Muskox Intrusion and the extensive Keel Zone target, a Voisey's Bay

analogue. The survey was the first of its kind completed over the highly prospective Muskox

Intrusion.

The survey was flown between

July 28

and

August 3

, 2025 with

Kugluktuk, Nunavut

serving as

the base of operations. Survey coverage consisted of 1,031 km of traverse lines, flown in two

separate blocks (North and South Blocks) with a spacing of 200 to 500 metres, and 78 km of tie

lines for a total of 1,109 km.

MobileMT uses naturally occurring electromagnetic fields in the frequency range of 25 Hz – 20,000

Hz to map the variations in the electrical conductivity of the subsurface. MobileMT is the most

advanced generation of airborne audio-magnetotelluric survey that combines the latest achievements

in electronics, advances of modern airborne system design, and sophisticated signal processing

techniques. MobileMT is capable of delivering geoelectrical information from shallow to >1 km depth

range with high spatial and resistivity resolution. The MobileMT system detects resistivity contrasts

of geology structures and boundaries of any shape and in any direction due to total field (three-

component) measurements.

About the Muskox Intrusion

Originally discovered in the 1950s by Inco, SPC Nickel's Muskox Project, located in

Nunavut,

Canada

, represents one of the most prospective greenfield polymetallic copper, nickel, and PGM

projects globally. The district-scale land package (496 km

) covers the majority of the Muskox

Intrusion, a large, layered mafic-ultramafic body with striking geological similarities to some of the

world's most significant copper-nickel-PGM deposits, such as the massive Norilsk-Talnakh deposit.

The Muskox Intrusion is one of the largest and least deformed layered mafic to ultramafic bodies in

the world. It was emplaced during a large magmatic event (Mackenzie Magmatic Event) in the

Proterozoic by mantle plume volcanism related to the widespread Coppermine River Group flood

basalts. The intrusion is broadly composed of two distinct, but related, components called the Main

Muskox Intrusion and the Feeder Dyke, which combined are exposed over a length of 125 km, and

range in width from 200-600 metres in the Feeder Dyke to 11 km in the Main Body of the intrusion.

Previous exploration programs completed on SPC Nickel property over a roughly 60-year period

identified widespread high-grade polymetallic sulphide mineralization along the basal contact of the

intrusion or in the adjacent footwall, similar to the

Sudbury

and Norilsk-Talnakh camps. Historical drill

highlights from the Muskox Project include:

7.50 metres @ 6.14% Cu, 2.76% Ni and 9.06 g/t PGM (Pt+Pd+Au)

by Silvermet Corporation

(2007) and

13.74 metres @ 5.04% Cu, 2.21% Ni and 5.63 g/t PGM

by Equinox Resources Ltd. (1987).

These results, combined with an extensive footprint of magmatic sulfide mineralization, historical

high-grade drill intercepts, untested geophysical targets and limited modern follow-up, underscore

the Project's discovery potential.

Length refers to downhole length. Insufficient work has been completed to assess true thickness.

Reference

1. Vivian, Gary (2007). Muskox Project, Nunavut, 2007 Drill and Geophysical Survey Program Annual Report for Prize Mining, Assessment report. 57 p., 8 data Appendices.

2. Page, J.W., Culbert, R.R. and Martin, L.S. (1988). Geochemical, geophysical and diamond drill reports on the Muskox property, NWT. Equinox Resources Ltd. DIAND

Assessment report 082562. 56 p., 3 data Appendices.

Quality Assurance, Quality Control and Qualified Persons

The technical elements of this news release have been approved by Mr.

Grant Mourre

, P.Geo.

(PGO), CEO and President of SPC Nickel Corp. and a Qualified Person under National Instrument

43-101.

The historical information shown in this news release was obtained from historical work reports filed

by Equinox Resources Ltd. and Silvermet Corporation have not been independently verified by a

Qualified Person as defined by NI 43 101.

Historical grab samples (as shown in Figure 1 and 2) are selective in nature and are not

representative of the overall mineralized system.

About SPC Nickel Corp.

SPC Nickel is a Canadian public corporation focused on exploring for high-grade polymetallic Cu-Ni-

PGM mineralization in

Nunavut

and within the world-class Sudbury Mining Camp. SPC Nickel is

currently exploring its unique district-scale polymetallic Muskox Project in

Nunavut

where the team

recently completed its 2025 summer field program. The Company is also advancing its 100%-owned

exploration project Lockerby East located in the heart of the historic Sudbury Mining Camp, which

includes the West Graham Resource and the LKE Resource. SPC Nickel is committed to advancing

high-potential polymetallic projects in Tier-1 jurisdictions across

Canada

with an emphasis on

Nunavut

and

Sudbury

Cautionary Note on Forward-Looking Information

Except for statements of historical fact contained herein, the information in this news release

constitutes "forward-looking information" within the meaning of Canadian securities law. Such

forward-looking information may be identified by words such as "plans", "proposes", "estimates",

"intends", "expects", "believes", "may", "will" and include without limitation, statements regarding

estimated capital and operating costs, expected production timeline, benefits of updated

development plans, foreign exchange assumptions and regulatory approvals. There can be no

assurance that such statements will prove to be accurate; actual results and future events could

differ materially from such statements. Factors that could cause actual results to differ materially

include, among others, metal prices, competition, risks inherent in the mining industry, and regulatory

risks. Most of these factors are outside the control of SPC Nickel. Investors are cautioned not to put

undue reliance on forward-looking information. Except as otherwise required by applicable securities

statutes or regulation, SPC Nickel expressly disclaims any intent or obligation to update publicly

forward-looking information, whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined

in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or

accuracy of this release.

Figure 1: Muskox MMT Imagery (Resistivity Map) -100 metre depth slice overlaying historical

surface grab samples, major structures, surface geological conact of the Muskox Intrusion and the

Company’s current property position. Grab samples are selective in nature and are not

representative of the overall mineralized system. (CNW Group/SPC Nickel Corp.)

Figure 2: Muskox MMT Imagery (Resistivity Map) -500 metre depth slice overlaying historical

surface grab samples, major structures, interpreted Muskox geological contact at -500 metres,

modeled zones of low resistivity and the Company’s current property positiion. Grab samples are

selective in nature and are not representative of the overall mineralized system. (CNW Group/SPC

Nickel Corp.)

SOURCE

SPC Nickel Corp.

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For further information:

Further information is available at www.spcnickel.com and/or by

contacting: Grant Mourre P.Geo., Chief Executive Officer, SPC Nickel Corp., Tel: (705) 669-1777,

Email: [email protected]

CO: SPC Nickel Corp.

CNW 07:00e 26-JAN-26

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